Mexico has spent the best part of 2014 implementing new tax requirements; our Americas expert gives a quick overview of the latest.
In an effort to be more transparent and accelerate tax processing, the Mexican Tax Authorities (SAT) implemented a series of new rules during 2014, including new rules on when and how to submit electronic accounting information as part of mandatory tax filings.
What do you need to do?
Awareness and action for each of these rule changes is the responsibility of the filing entity so we want to ensure you know about them and can make the necessary adjustments in your business in order to remain complaint and avoid substantial penalties.
You need to maintain accounting records through electronic systems that can create XML format files; those files must include:
Chart of accounts used during the period Trial balance, with initial balances, movement for the period and final balances for each of the accounts of the taxpayer, including assets, liabilities, equity and results of operations (revenue, costs and expenses) Information related to journal entries in the accounting records Your files must be submitted by uploading the electronic files into the Tax Authority website.
If your electronic files contain errors, the SAT will notify though the Tax Electronic...